brandonbruner7299 brandonbruner7299

04-09-2020
Business

contestada

The elasticity of demand for oil is –0.5 and the elasticity of supply is 0.20. If the demand for oil increases 10 percent, what happens to the price of oil?

Respuesta :

Tundexi Tundexi

05-09-2020

Answer:

The price of oil will decreases by 20 percent.

Explanation:

Elasticity of demand =-0.5

% change in demand = 10%

% Change in price = % change in demand / Elasticity of demand

% Change in price = 10% / -0.5

% Change in price = -20%

Answer Link

Otras preguntas

The tallest mountain east of the mississippi is located in which park?.

If a reaction vessel initially contains an N2O4N2O4 concentration of 0. 0550 MM at 500 KK , what are the equilibrium concentrations of N2O4N2O4 and NO2NO2 at 50

IF there were a membrane separating two solutions one with 80% solute and the other with 20% solute, in which direction through the membrane will water move to?

What's the difference between French braids and Dutch braids?.

Usted (ir) _______ a Chile. Yo (ver) _______ una pelicula. Ana (hacer) _______ un viaje. Tu (dar) ________ muchos regalos.

Subract 6 hours 45 minutes 90 seconds from 4 hours 55 minutes and 100 minutes

The Huang He is located in __________. A. Northern China B. Southern China C. Western Mongolia D. Northern Mongolia.

What number is 40% of 180?

The graph shows a species of finch native to Eastern Europe. 1400 The finch population reached its carrying capacity for the ecosystem between 1975 and 1976 aft

Write a sample paragraph using any of the patterns discussed above. Choose one (1) from the following topics. Home cooked food vs. fast-food meals Diesel engine